1) Not having a goal.
2) Not having a spending plan.
3) Attempting to derive self-esteem from possessions.
4) Doing what everyone else is doing.
5) Starting to save large and late rather than small and soon.
6) Paying interest to buy things that drop in value.
7) Turning down free money.
8) Buying a new car.
9) Buying more house than you need or can afford.
10) Not protecting your good credit.

Tuesday, September 18, 2012

It’s
the toughest hurdle we face.People just
assume that all investment people and firms are alike.That’s a bit like assuming that all coffee is
alike, or all wine is alike, or all children are alike.The idea makes me laugh.

It’s
simply not true.I lead a local team
that manages nearly $100 million for clients.Actually manages it; follow it daily, analyze the investments, and make
changes as necessary.Every single day,
and we’ve been doing it for almost fifteen years.It’s an awesome responsibility, and we take
it very seriously.

Few
of your acquaintances have this kind of expertise or experience.In fact, few people in this region have this
kind of expertise.You may know others
who sell investments or insurance or mutual funds, but they probably don’t
manage portfolios.Selling is very
different from managing, and it’s very dangerous to confuse the two.

You
may know a lot about investing, but it’s likely a very limited view.Even if you’ve been doing it for a long time,
you’ve only observed one set of circumstances.You know only the investments that you’ve owned since you started.That’s a very small sample size.

Plus,
how would you know that something else didn’t work better?Every decision has an opportunity cost, and
few do-it-yourselfers (even fewer investment salespeople) carefully review all
options.Financial success is always
about choosing pathways to a particular objective, but different paths may be
safer, or faster, or easier.

Seriously,
I get it.You want convenience,
simplicity, and value for your family.And you know that finance and investing is important for accomplishing
your dreams.Here’s the key: ask someone
who really knows the answers.Seek out
genuine expertise and experience.

About Me

Dan Danford is founder and CEO of Family Investment Center in St. Joseph, Missouri. The firm is a commission-free investment advisor registered with the SEC. Danford and other advisors at the firm specialize in managing large portfolios of traditional investments. They do, however, advise investors on a broad range of wealth management services. More about Danford and this unique firm can be found at www.familyinvestmentcenter.com or call (816) 233-4100.